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Guardian & Trustee … should they be one in the same

I often get the question, “should our guardians and trustees be the same people?” I always give the same answer, “I cannot answer that for you because I do not know the people in your lives, but I can give you some things to consider.”

You must consider the people in your life. To me, the first and most important question is, who do you want to raise your child. Second, ask yourself, is that person good with money. If the answer to the second question is “no,” then do not name the same person(s). If the answer is “yes,” then it is completely acceptable to name the same person in both roles.

Some people will intentionally decide to name different people in each role, for example, to include both sides of the family. If you are naming different people, you must consider how the named individuals currently get along. If the relationship is strained, then consider a different combination of people. Strained relationships tend to deteriorate after someone has passed.

These are not easy decisions; however, they are ones that must be made in order to protect and plan for our children.

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Jamie Held is the principal attorney at Held Law Office. Jamie's practice focuses on estate planning and probate. Jamie is also a CPA with nearly five years of tax experience in Big Four public accounting.

About Epilawg

A collection of legal and non-legal insights for living your life and planning for the resolution of your life story. Topics cover business, estates, trusts, tax, real estate, finance and more provided by a variety of professionals in those areas. Learn more >